RERA Decoded: Impact on Home Buyers and Real Estate Builders

Planning to buy a house and still wondering what RERA is? The sole purpose of this article is to break down RERA for you and help you make a decision worth it. The Real Estate (Regulation and Development) Act, 2016 (RERA), is designed to protect the interests of home buyers and enhance transparency in the Real Estate sector. We analysed how it will impact the two main stakeholders – home-buyers and builders – and the need-to-knows of the act. The Government of India passed the Real Estate (Regulation and Development) Act 2016 on March 26, 2016, and its provisions came into effect, from May 1, 2017. Developers have been given a deadline of the end of July 2017, to register their projects under RERA. Similarly, real estate agents, who also fall within the Real Estate Ecosystem, are still in the process of registering themselves. Several states still need to notify the rules under the Act and most importantly buyers and developers need to register their projects under RERA.